SHORT SALE -- 1st TIME

Foreclosures, Short Sales, Tax Foreclosures
1

Need advice please:

Just received Authorization to Release… and signed P+S

1st mortgage Countrywide: loan balance $172,000 final judgement $192,000
2nd mortgage $20,000
Total owed: $212,000

Value of home $220,000-$240,000
2005 SFR does NOT need any work

w/ the market of 30,000+ active homes in the county, I would need to be around $190,000 to move it.

QUESTION:

  1. Possible Deal or Move on

  2. What would you offer 1st?
    (loan balance: $172 , Final judgement $192K, Value of home around $230K

  3. When negotiating w/ 2nd what do I send them besides authorization? Do I send them a P+S w/ what I am offering the 1st? I AM CONFUSED

ANY ADVICE IS GREATLY APPRECIATED

2

find out if they are aware that there is a foreclsoure. IF they are, tell them you are going to offer them $500 if they would release the mortgage cuz you need to point out to them, if it goes to auction, they are gonna be wiped out. Each 2nd lendeer handles things differently, all they need a lot of times is the authorization.